Fondo Toscana Innovazione
Topic of the practice
Innovative Financial Products
Good Practice Information
“Fondo Toscana Innovazione”, active from the 1st June 2008 with a budget of 44.4 million Euro, aims to invest in small and medium enterprises that have identified a business idea or have been recently started and that are in the so-called early stage phase (from seed to start-up), but it also aims to invest in already existing firms that want to grow up and to set up new industrial developments (expansion).
The Fund operates by acquiring holdings - up to 5 million Euro - in companies capital and remains in companies structures for a period between 5 and 7 years.
The Fund is subscribed for the 40% by the Tuscany Region, for the 53% by all the eleven Tuscany banking foundations, for the 4% by Fidi Toscana spa and for the 3% by other investors, including SICI which has also the role of Managing Society.
The Fund objective is to retain and attract the skills offered by the territory, and to enhance the flow of capital by promoting co-investments with other funds specialized in venture capital. Particular attention is paid to universities spin-offs and to initiatives born within Tuscany business incubators system.
The Fund is dedicated to companies: active in sectors with high technological and / or innovative content, or that are developing product or process innovations;.
Evidence of success
This intervention aims to help creating a favorable environment in Tuscany to risk capital and with the added-value that it was born on local actors initiative and it has the involvement of all banks foundations operating in Tuscany. As of the 30th June 2011, 10 investments have been realized for about € 9 million. Considering that the ideal average investment for a proper portfolio diversification is between 1.0 and 1.5 million, we can expect that the Fund - during its effectiveness period – will realize a total of about 30 investments.
Contact details to obtain further information on the practice
Sviluppo Imprese Centro Italia sgr S.p.A.